New Product Development Skills

Launching a new product is a challenging task which requires a combination of skills which are rare to find. Companies spend millions in creating and retaining their own teams dedicated to new product development. The job is more of a research than a routine. New product development and skills management requires a lot of capital as well as patience as the work is creative and research based. Another major risk involved in an in house product development team is to be able to identify these people who are creative. Recruiting such people alone is a teak in itself. It is advisable only if you are a financially strong company.

Apart from the creative skills, there are a set of technical skills which should be demonstrated by every member -

1. Project Management

2. Human Resource Management

3. Communication Management

4. Documentation

5. Project process integration

6. Procurement Management

7. Quality Management

8. Time Management

9. Program Management

The above listed are only the technical skills which are required and it is comparatively easy to identify people with such skills. But identifying people with creative and research skills is the difficult part. It is hence advisable to first have a team which can identify people with the right mix of technical and creative skills and then go for the actual recruitment and set up a team dedicated for new product development. But this is an option only for bigger companies. For small companies, who wish to take the risk of new product development, it is advisable to hire a consulting firm specialising in new product development. Outsourcing the process to a consulting firm reduces a lot of risk and also reduces the overall cost of the project. Many companies today are benefiting from hiring such companies specialising in New product development. One such company which is an austrlian design awards winner consulting firm in new product development is Design Industry with 80 awards to its credit. This company has a right mix of people who have technical as well as creative skills and capable of helping you create the best sustainable products across industries such as banking, furniture, medicine, sports, consumers and many more.